Crosland Acquires Hunters Chase Apartments in Greensboro

Charlotte, N.C. (January 20, 2003) – Crosland, one of the Southeast’s leading, diversified, privately held real estate companies, has purchased Hunters Chase Apartments, 4600 Big Tree Way in Greensboro, N.C., from Metropolitan Life Insurance Company for $10,350,000. The acquisition will be managed by Crosland’s Apartments Division and consists of 220 apartments with clubhouse, pool, tennis courts, exercise room, laundry facilities and business center.

"Hunters Chase is an attractive property in a good location. It is the type of property we are looking for throughout the Southeast,” said Cannon Cory, investments manager for Crosland.

”We are pleased to add Hunters Chase to our growing portfolio,” added Jud Little, president of Crosland Apartments Division. “Constructed in 1988, and extensively renovated in 2000, Hunters Chase is an attractive community positioned in an outstanding location that is in close proximity to employment centers at the Piedmont Triad Airport and along Interstate 40.”

Hunters Chase will be added to Crosland’s other apartment investments in the Triad market that include Friendly Hills Apartments, also located in west Greensboro.

Since its inception, the Apartments Division has developed, built and managed more than 20,000 apartments. These include traditional garden and townhome-style apartments, urban in-fill developments and apartments in mixed-use projects that integrate multifamily homes with stores, restaurants and entertainment.

The Triangle and Charlotte offices of Crosland Apartments Division serve a broad range of resident customers in Charlotte, Raleigh, Durham, Chapel Hill, Greensboro, Asheville and Cary, North Carolina, as well as in Augusta, Georgia. Its diverse portfolio includes luxury and moderately priced apartments, special apartment homes serving the elderly, and affordable housing for low-income households.